GBPUSD Daily Forecast: December 17

By IBT Staff Reporter On 12/16/10 AT 11:22 PM

GBPUSD Forecast

The GBPUSD was corrected higher yesterday and now testing 1.5650 resistance area as you can see on my h4 chart below. The bias is bullish in nearest term especially if price able to make a clear break above 1.5650 testing 1.5700 – 1.5768 and the upper line of the bearish channel. However note that as long as price moves inside the bearish channel the major scenario remains bearish. Immediate support at 1.5580. Break below that area could trigger further bearish pressure testing 1.5500 support area and keep the bearish scenario remains strong.